Finnish wood supplier, the Ruukki Group, will continue with attempts to establish a business base in Russia after following the rejection of its previous proposal was rejected, according to Bloomberg report.

“If we’re not able to finalise the overall agreements and priority-investor status by the end of this year, I’ll be very disappointed,” CEO Matti Vikkula said in an interview. Ruukki will narrow down possible locations during the current quarter but it is understood it is targeting a location west of the Ural. Vikkula said the company had also been approached in regards to joint ventures with others already set up in Russia, Bloomberg reported. Ruukki and Finnish papermakers Stora Enso and UPM-Kymmene are seeking footholds in Russia as a reaction to the new tariffs on wood imports. Ruukki is looking to raise further capital for the project and Vikkula said the sale of homebuilding and healthcare assets in the first half was an option. “The only risk is the country, Russia,” said Pierre Moncheur, who controls about 5% of Ruukki Group through his Geneva-based investment company. “The money is still here, and if something happens before it’s invested, that’s just a delay. Everyone is very confident.”